27.—(1) Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the former Board to any person or given by any person to and accepted by or on behalf of the former Board and every contract or agreement made between the former Board, or any trustee or agent thereof acting on its behalf, and any other person and in force but not fully executed and completed immediately before the establishment day shall continue in force on or after that day and shall be construed and have effect as if the name of the Board was substituted therein for that of the former Board or, as appropriate, its said trustee or agent and shall be enforceable by or against the Board.

(2) References to the former Board, or any trustee or agent thereof acting on its behalf, contained immediately before the establishment day in the memorandum and articles of association of any company shall, on and after that day, be construed as references to the Board.